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This excerpt taken from the VLG 10-K filed Sep 28, 2006. Segments
On June 30, 2006, Valley adopted the Emerging Issues Task
Force (EITF) No.
04-10,
“Determining Whether to Aggregate Segments That Do Not Meet
the Quantitative Thresholds”. The adoption resulted in
Valley refining its aggregate of operating segments, as defined
in SFAS No. 131 into four reportable segments: Hard
Goods, Packaged Gases, Propane and Variable Interest Entities.
Hard goods consist of welding supplies and equipment, safety
products, and MRO supplies. Packaged gas sales include
industrial, medical and specialty gases such as: nitrogen,
oxygen, argon, helium, acetylene, carbon dioxide, nitrous oxide,
hydrogen, welding gases, ultra high purity grades and special
application blends. The propane segment consists of the
packaging and distribution of propane gas to residential,
commercial and industrial customers. Cylinder rent is derived
from cylinders, cryogenic liquid containers, bulk storage tanks
and tube trailers and is included in either industrial gases or
propane, depending on gas provided.
Effective with the adoption of FIN 46R and the required
consolidation of certain variable interest entities effective
March 31, 2004 (See Note 1), Valley has a Variable
Interest Entities Segment. Since the variable interest entities
are distinct businesses, the financial information for this
segment is maintained and managed separately. The results of
operations and assets for each of these segments are derived
from each company’s financial reporting system. All
intercompany activity is eliminated in consolidation.
The Variable Interest Entities reportable segment, including
West Rentals, Inc., G.E.W. Real Estate LLC, RealEquip-Lease LLC,
Acetylene Products Corporation and Plymouth Holding LLC,
primarily purchases, develops, sells
and/or
leases real estate (See Note 16).
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